Maybe it’s all the doom and gloom of the financial and metrological climate here in the UK. But more of us are looking into investing in a new second home that they can rent out and can use for cheaper holidays. That’s not enough for some people, who have decided to break free from the UK completely and buy property abroad in an attempt to seek out an easier and calmer lifestyle.
Whatever the reason and whatever age group you may be, you can escape the cold winds of recession and the weather by following this route, but you still need to look at protecting your investment, whether at home or abroad. Finding a company that will give cost effective cover for second home insurance and overseas property insurance isn’t as easy and can often be more costly than you might imagine.
Searching for second home insurance that suits your needs can be an expensive and tiring chore. This is because insurance companies know that second homes are generally left unoccupied for lengthy periods of time, because of this, the home can face weather damage like burst pipes. If you manage to get through all of those problems, there can still be worries when it comes to damage to the property by guests.
If you do obtain cover you will probably find that most holiday home or buy to let insurance policies have restrictions in the small print. Unless you comply absolutely to the letter with security and occupancy requirements, you may be shocked to find your insurance is invalid when you make a claim. There are some insurance providers who know that most holiday home and second home owners only use their property from time to time.
For this reason, there are some policies that don’t have hidden restrictions in the small sprint. Should you choose to let your second home, those same policies also incorporate £5m public liability insurance, loss of rental income, temporary accommodation expenses and protection for your contents against damage caused by guests.
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